Banks are still reaping the benefits of a pandemic-fueled deposit surge.
Deposits across the nation have skyrocketed from $13.5 trillion at the start of Covid-19 to more than $17.5 trillion as of Oct. 6, according to the Board of Governors of the Federal Reserve System (US). Most Louisville banks have seen significant increases in the past year, too, with only a handful actually reporting a decrease in deposits.
According to the St. Louis Federal Reserve, total deposits increased 4.7% at all U.S. banks in the year before the coronavirus pandemic. In 2020, they increased by more than 20% as households and businesses doubled down on savings.
As a result, Louisville's big banks are getting bigger.
The region's largest bank, PNC, recorded a 34% growth between 2018 and 2021, adding about $2.1 billion in deposits over the three-year period. Republic Bank, the region's fourth largest bank, saw a 45% three-year increase, with deposits swelling by more than $1.1 billion.
But in spite of that impressive double-digit deposit growth, PNC and Republic didn't haven't had the most significant growth the region, according to data from the Federal Deposit Insurance Corp.
Here's a breakdown of the fastest-growing banks in the Louisville metro area, based on three-year deposit growth:
1. Independence Bank of Kentucky
2021 market share: .48%
2021 deposits: $185 million
2020 deposits: $100 million
1-year deposit growth: 85%
3-year deposit growth: 653%
2. German American Bank
2021 market share: .66%
2021 deposits: $259 million
2020 deposits: $215 million
1-year deposit growth: 20%
3-year deposit growth: 102%
3. Eclipse Bank
2021 market share: .54%
2021 deposits: $212 million
2020 deposits: $167 million
1-year deposit growth: 27%
3-year deposit growth: 68%
4. JPMorgan Chase Bank (tie)
2021 market share: 18.85%
2021 deposits: $7.36 billion
2020 deposits: $5.59 billion
1-year deposit growth: 32%
3-year deposit growth: 62%
4. Truist Bank (tie)
2021 market share: 6.65%
2021 deposits: $2.59 billion
2020 deposits: $2.19 billion
1-year deposit growth: 18%
3-year deposit growth: 62%
5. River City Bank
2021 market share: .85%
2021 deposits: $330 million
2020 deposits: $296 million
1-year deposit growth: 11%
3-year deposit growth: 59%
6. Forcht Bank
2021 market share: .34%
2021 deposits: $134 million
2020 deposits: $113 million
1-year deposit growth: 19%
3-year deposit growth: 58%
7. Wilson & Muir Bank & Trust Co.
2021 market share: .12%
2021 deposits: $47 million
2020 deposits: $42 million
1-year deposit growth: 11%
3-year deposit growth: 56%
8. Citizens Union Bank of Shelbyville (tie)
2021 market share: 1.8%
2021 deposits: $703 million
2020 deposits: $622
1-year deposit growth: 13%
3-year deposit growth: 55%
8. Stock Yards Bank & Trust (tie)
2021 market share: 9.17%
2021 deposits: $3.58 billion
2020 deposits: $3.19 billion
1-year deposit growth: 12%
3-year deposit growth: 55%
9. The Peoples Bank
2021 market share: .3%
2021 deposits: $116 million
2020 deposits: $99 million
1-year deposit growth: 17%
3-year deposit growth: 49%
10. Fifth Third Bank
2021 market share: 9.96%
2021 deposits: $3.89 billion
2020 deposits: $3.33 billion
1-year deposit growth: 17%
3-year deposit growth: 45%
As Business First previously reported, two of the banks on this list — German American and Citizens Union Bank of Shelbyville — are merging in a deal valued at $154 million. After the transaction is completed, German American and CUB will have combined assets of approximately $6.4 billion, including just under $1 billion in the Louisville market, based upon June 30, 2021 financials.
Total MSA deposits: June 30, 2020
| Rank | Prior Rank | Name |
|---|---|---|
1 | 1 | PNC Bank |
2 | 2 | Chase |
3 | 4 | Republic Bank & Trust Co. |